Understanding the odds of sports betting will help you make more informed choices and will ultimately help you win more. If you don’t understand odds, you can’t properly understand sports betting. Basically, knowing the odds is what helps you determine whether or not a wager is worth making. The potential payout of a wager is calculated with a combination of the relevant odds, and the amount of money you stake. Before you start betting, its crucial to take some time to learn how betting odds work.
What Do Odds Tell You?
Betting odds tell you both how likely an event is to happen, and how much money you stand to win for a particular wager. The higher the odds are, the more money you stand to win, but the less likely it is that you win. So higher odds mean higher payouts, lower likelihood of winning, and lower odds mean lower payout and higher likelihood of winning. If the odds are ‘even money’ this means there is a 50/50 chance of winning.
Understanding Odds Formats
There are a number of different ways that odds can be displayed, but this doesn’t translate to any difference in the odds themselves. Moneyline odds, or American odds, are those most used in the USA. They are displayed as a positive or negative number, and show how much you stand to win if you bet $100 or how much you need to stake to win $100. So odds of +150 mean that you stand to win $150, plus your initial stake of $100. If you see a negative number like -150, this means that you need to stake $150 to win $100, plus your initial stake of $150.
Fractional odds are not very common anymore, but they are still sometimes used in the UK. These odds are shown as a fraction, such as 3/1, or “three to one”. With a 3/1 wager, you can win three units for every one unit staked. Calculating these becomes tricky when there are odds like 5/2, which is why decimal odds are taking over.
Decimal odds are the ones you’re most likely to see in Canada, as well as Europe and Australia, and are becoming the standard in most other parts of the world too. They are the most straightforward, expressed as a single positive number. The number shows your potential total payout, if you multiply it by your stake. So odds of 1.50 would return $1.50 for every $1 staked. An even money bet is expressed as 2.00.
Why Do Different Bookmakers Have Different Odds?
For many wagers on sporting events, such as AFL premiership betting, different bookmakers will offer slightly different odds. This is because each bookmaker calculates their own odds, and it isn’t an exact science, and often predicting who will win comes down to a matter of opinion. Not all bookmakers will have exactly the same ideas about the likelihood of a certain outcome. For this reason, its always a good idea to shop around various bookmakers to see who will give you the most favourable odds for your selection. It also means that if you’re good at predicting the outcomes of sporting events, you may just be better than the bookmaker and use this to turn a big profit. But if you’re a newbie, first get to grips with understanding how odds work before starting to venture beyond them.
It is generally said that it’s not a good idea to bet on your favourite team, or any team that you are emotionally invested in. The idea is that when your emotions are involved, you can’t make an objective, informed decision. But is that really true? Is emotional involvement always a bad thing when making decisions, and are there any other pros to betting on a team you support?
It is true that when betting on your own team, it’s hard to be objective. It is probable that you’ll think they are more likely to win than they are. If you know it’s hard for you to be objective when something you care about is involved with online betting NZ, perhaps decide to trust the stats for games your team is playing in. Even if your team usually wins, that doesn’t mean they can’t lose.
Your favourite team is probably the team you’ve done the most research on, and know the most about, than any other team. That’s because knowing that stuff makes you excited. And the more you know about the teams playing, the more likely it is you will make the right decision. As long as you make sure you do lots of research on the opposing team, and aren’t blinded by your love of your team, you’re actually ahead of those who don’t have a personal stake in the game.
Pro And Con: Fun Or No Fun
No-one wants to back a team that is playing against their favourite. Particularly, no-one wants to be watching and hoping that their own team loses – it’s just not a good feeling. So if the facts and your own research are telling you that the other team is likely to win, maybe sit the betting out for this one. Or, if you don’t mind losing once in a while, just bet a small amount on your own team. Having a stake on your own team will make you care even more that they win, which will make the game much more fun to watch. But again, don’t let your love for the team cloud your decision making.
Choose The Size Of Your Wager Carefully
We have already said you should be careful when betting on your own team. But if you bet a very small amount, even if your team is unlikely to win, you won’t lose that much money. Just be careful not to bet too much money on your team if the stats and your research are telling you they are likely to lose. There’s nothing wrong with betting small amounts on a likely loser if it’s going to improve your experience of the game. But don’t blow all your cash due to your blinding passion for the team.
No Right Or Wrong Answer
There’s no real right or wrong answer about whether you should bet on your own team or not. If your team usuallly wins, there’s no reason not to bet on them. Just be aware that they will lose occasionally. And if your team loses often, there’s still no reason why you shouldn’t place a small bet on them. Just be careful not to bet too much. Only you know how much your emotion clouds your sense of judgement – you need to make the call. But it’s definitely not automatically a bad idea to bet on your favourite.